USD/JPY clings to gains above 108.00

USD/JPY managed to regain the 108 mark during the New York session and hit a fresh 5-month high, but the upside remained capped by the 108.50 area.

USD/JPY reached a peak of 108.53, underpinned by prospects of fiscal stimulus and faster pace of Fed hikes following Trump’s victory in US presidential elections. USD/JPY is currently trading at the 108.05 zone, recording a 1.91% gain on Monday.

In the absence of first-tier US data, the pair has spent the last hours consolidating gains near highs.

USD/JPY technical levels

In terms of technical levels, next resistances could be found 108.15 (Nov 14 high), 109.12 (Jun 3 high) and 109.57 (Jun 2 high). On the flip side, supports are seen at 106.50 (200-day SMA), 106.02 (Nov 11 low) and 104.95 (Nov 10 low).

To learn more about this topic, check our video analysis:

usd jpy from Tip TV Productions on Vimeo.